Home Sales Rise Again in November, Highest in over a Year
Everyone in the Atlanta Real Estate industry are keeping an eagle eye out for positive trends in the market. We are happy to report that pending home sales continued to gain in November and reached the highest level in 19 months, according to the National Association of Realtors®.
The Pending Home Sales Index increased 7.3 percent in November 2011. The last time the index was higher was in April 2010 when buyers rushed to beat the deadline for the home buyer tax credit.
A chief economist reports the gains may result partially from delayed transactions. “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines…” There are many communities in Atlanta who offer builder incentive and some closing costs. Some of the incentives are on homes with immediate delivery if you can close quickly. [click to continue…]
203k Consultant
Atlanta Rehab Homes may be perfect fit for HUD FHA 203K.
Many Atlanta Home Buyers are looking for great deals and right now the market is up to its elbows in foreclosures, rehabs and fixer-uppers. 203K loans allow for more possibilities and you may be asking your Realtor if this home qualifies for an FHA Loan. The low 3.5% down payment makes a FHA loan a good option for first-time home buyers and borrowers with limited assets.
The property condition, the scope of the work and cost of renovation will determine whether you need a Streamline 203K (Standard 203K) or the Consultant 203K (Full 203K). If your renovation is under $35,000 then you can qualify for a Streamline 203K. If the renovation includes structural repair (regardless of amount) you will need a Consultant 203K. It is critical to engage a lender that offers both Streamline and Consultant 203k Loans.
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We saw a news report one morning last week about Habitat for Humanity renovating foreclosed and abandoned properties. The agency is renovating or tearing down and rebuilding foreclosed homes. Buying foreclosed properties gets rundown homes fixed up and prevents the deterioration of neighborhoods. The agency estimates it will pump up to $2 million into the Cobb County economy during 2011. Habitat for Humanity calls the strategy a “win-win” benefiting deserving families and their new communities. The organization expects to provide homes to approximately 28 families in 2011, a dozen more than last year.
The organization relies on volunteers to help renovate and rebuild the homes, then sells them to qualified families in need. Volunteer to make a difference at http://www.habitat.org/
GSI Home Inspections learned that the region ranked 15th in the nation for foreclosure filings. One in seventy-nine Metro Atlanta homes are in trouble and home sales have declined more than 34 percent compared to last year, resulting in Atlanta Home values at the lowest levels since late 1999. Georgia’s statewide median sales price fell 10.5 percent to $107,000.
Inman News wrote an informative article about the condition of home pricing. Click Here to view entire article.
This continued drop in home prices benefits the home buyers of Atlanta. Lots of Atlanta Home Buyers are deciding if now is time for them to buy.
Here are a few quick tips for determining if this is the time for you to buy your Atlanta Home: [click to continue…]
Atlanta Home Buyers can avoid a Water Catastrophe
I recently inspected an Atlanta Home on a beautiful spring day and found water leaking everywhere. I soon learned that the home buyer had caused the near disaster in their eagerness for a thorough home inspection. The home buyer circumvented a water meter tag and turned the water on so the plumbing could be inspected. The bad news was the Atlanta Home Owner turned the water on in a house that had not been de-winterized. You can imagine the mess, the damage and the liability of the situation. Naturally, we couldn’t help but feel sorry for the home buyer. They just didn’t know.
We want to warn Atlanta Home Buyers of this potential misstep. When a home has been winterized, the water cannot be restored with the turn of a knob. It requires a knowledgeable home owner or professional plumber to take all the necessary steps to properly de-winterize home plumbing.
We found a great article at EHow on How to De-Winterize Your Home Plumbing.
Call Georgia State Inspections at 404.514.7457 to schedule an Atlanta Home or Georgia Commercial inspection.
Home Sales Rise Again in November, Highest in over a Year
